IAC Chairman Barry Diller has made an interesting announcement.
He said that Newsweek would eventually become an online only magazine.
Newsweek is expected to generate a loss of USD 22 million for the company this year.
An online edition would cut the costs of publishing the print edition. All the resources could be focused on the online version which is cheaper to maintain.
The transition to online from hard print will take place. We’re examining all of our options.
They are likely to announce more details about the transition period in September this year.